Student Stafford Loans - Preferred Lenders - Benefits
Note: If you prefer to select a lender that is not on this list, select "other" on your eAward and enter the name of your lender.
2009/10 Information
| Lender | Bank pays .50% Origination Fee | Interest Rate Reduction at Time of Repayment 1 | Additional Interest Rate Reductions |
|---|---|---|---|
| Chase Bank | No | 0.25% | N/A |
| Citibank | No | 0.25% Borrower must also agree to receive loan repayment statements electronically. | N/A |
| Fifth Third Bank | No | 0.25% | N/A |
| PNC Bank | No | 0.25% | N/A |
| Wells Fargo | No | 0.25% | N/A |
- Interest Rate Reduction: if borrower pays using automatic withdrawals for monthly payments
Please note the following regarding the Federal Stafford Loan Program:
- All Stafford Loans will also be charged a 1% default fee beginning July 1, 2008 in addition to any origination fee charged. For further information concerning loan fees, go to this link: www.cedarville.edu/departments/financialaid/loan_fee_faq.pdf
- All Stafford Loans begin repayment 6 months after graduation or upon dropping below half-time enrollment (6.0 credit hours).
- Unsubsidized Stafford Loan Interest: To make quarterly interest payments while in school, a student should:
- Select that option on the Master Promissory Note (MPN) when completing it; or
- Call Great Lakes Corporation (800-236-4300) or other Guarantee Agency, if applicable.
- For the 2009-10 school year:
- Subsidized Stafford Loans will not accrue interest while the student is in school up until repayment, and then at that time, they will begin accruing interest at 5.60% fixed interest.
- Unsubsidized Stafford Loans will accrue interest while the student is in school, beginning at the time of each disbursement, at 6.8% fixed interest.